Top News
1. FM Nirmala Sitharaman announced some key reforms in her budget speech -
· Personal income tax rebate limit increased to ₹7 lakh from ₹5 lakh in the new tax regime
· Number of slabs in new tax regime reduced to five and the tax exemption limit increased to ₹3 lakh from ₹2.5 lakh
· Highest surcharge rate reduced from 37% to 25% in the new tax regime. Thus, reduction in maximum income tax to 39% from 42.74%
· CAPEX hiked by 33% to ₹10 lakh crores, Capital outlay of ₹2.4 lakh crore for railways, ₹5.94 lakh crore for Defence and 0.89 lakh crore for Healthcare
· Fiscal deficit target at 5.9% of GDP for FY24
2. India’s infrastructure output increased 7.4% year-on-year in December 2022. Infrastructure output went up 8% from April to December.
3. GST collections for January 2023 touched ₹1.56 lakh crores, making it the second highest GST collection ever. A jump of 24% compared to the same month previous year.
4. Axis MF, PGIM MF and Mirae Asset MF have launched the NFO for Axis Business Cycles Fund, PGIM India Crisil Ibx Gilt Index Apr 2028 Fund, and Mirae Asset Flexi Cap. The NFOs close on February 16, February 16 and February 17 respectively.
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